There is new; mixed up with the old...
Dr Funk; I think that there are critical differences between the outsourcing that has occurred for decades and the spontaneous availability of computing resources on the 'real' cloud.
The bio company that jimt222 referred to no doubt decided on their solution, put in some credit card details and had access to the systems to power their work within minutes. Critically, when they finished the processing the charging stopped.
With ICL; did the outsourcing of your compute requirements start with the courting by sales types, the to and fro of contracts, minimum spend (though with an element of pay for the level of resources consumed) and importantly minimum contract length - at least a year if not a lot longer? How long did it take between you deciding to outsource and having the systems available? More than an hour, more than six months?
The Cloud is the just the latest buzzword, liberally applied to any compute farm infrastructure; hence so much of the traditional outsourcing market being resold as if were something new.
There is something new here; a new level of flexibility.